Marlin Spring raises $115m in initial closing for development fund

Toronto-based real estate investment and development firm Marlin Spring has closed on more than $115 million in commitments for its recent development fund.

The cornerstone investor, Osmington Inc., is a privately-owned commercial real estate and investment company controlled by David Thomson, who operates in the Canadian real estate market. Manulife Investment Management also joined as a lead investor with a commitment sourced from Manulife Financial Corp.’s balance sheet.

The vehicle launched in December 2020 and completed its first close in April 2021, with capital commitments from a prominent group of investors. An additional closing is expected to be held in the fall.

Marlin Spring said the fund will be focused on low-, mid- and high-rise residential projects primarily in the Greater Toronto Area, with an allocation for development opportunities in other major Canadian markets.